By Dan Darrow

September 09, 2022

Intraday Update: TSLA, CHPT, BITO

Thursday was a choppy session across the market, but a late rally into the close has continued overnight with indications of a strong green open today. With QQQ and SPY opening at/near key moving averages, we are going to work quickly to wrap up some positions:

  • TSLA hit the initial target yesterday and it will be opening above the second target this morning. The plan will be to close the Oct07 $290 - $295 call spread off the open. We will watch for a new setup later in September ahead of deliveries.
  • CHPT is continuing higher early, so the plan will be to close the Sep30 $17 - $19 call spread quickly and roll up to a lower debit Sep30 $19 - $21 call spread. The bear portion of the strangle will remain open for now.
  • Bitcoin had a large overnight rally, and after just recently breaking key support earlier this week, it has now rebounded quickly to trade above 21k. We rolled out the BITO position into an Oct21 $12 - $9 put spread a couple of days ago and were using a technical stop at 12.60 for the new position which is getting hit in the premarket. The trade needs to be closed early before a bigger breakout can develop.

Open Positions

* The following Open Positions pertain to the Options In Play trade ideas from this and previous editions. Disclosure of the Trader Co-Author’s actual portfolio holdings, as of the date of each publication, is made below under "Trader Author Portfolio Holdings.".

Trader Author Portfolio Holdings

**As of the date and time of publication